Scam alert: Scammers fraudulently stating ASIC will guarantee their bonds


INSIGHT
Published
Dec 1st '22
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  • Scammers are using ASIC’s (Australian Securities & Investments Commission) name and logo to issue fake bond documents to investors, holding out that ASIC will ‘guarantee’ their bonds.
  • The scammers are targeting overseas residents and are pretending to be Australian financial services (AFS) licensees.
  • ASIC will never provide a guarantee for bonds or other financial products.

 

Red flags

  • Documents with ASIC’s logo which hold out that ASIC will guarantee the relevant investments. These documents are fake. ASIC will never provide a guarantee on investments and will never authorise its logo to be attached to investment materials.
  • Offers which are made through unsolicited telephone calls, emails or other means such as social media contact. If you receive an investment offer which claims to be guaranteed by ASIC, do not deal with the entity.

 

Think you have been scammed?

  1. Do not send any more money.
  2. Be wary of secondary scams or money recovery services that may offer to help you get your money back for a fee.
  3. Contact IDCARE, a free government-funded service for Australian residents, which can help to develop a specific response plan. IDCARE will never contact you out of the blue.
  4. Report the scam to the Australian Competition and Consumer Commission through Scamwatch and to the Australian Cyber Security Centre via ReportCyber.
  5. Report to ASIC if you notice ASIC’s logo on a company’s or financial product’s promotional materials. Include a link to the website or a screenshot. Your report may disrupt the scammers and will assist us to issue a warning, which will hopefully help others to avoid it. Unfortunately, ASIC cannot help you get your money back.

 

See what to do if you’ve been scammed for more tips if you suspect a scam.

 

Further support

If you live in Australia and need someone to talk to, contact:

 

  • Lifeline on 13 11 14 (24 hours) or their crisis support online chat or
  • Beyond Blue on 1300 22 46 36 (24 hours) or their webchat

 

If you live in Australia and are experiencing problems with debt, contact:

 

  • the National Debt Helpline on 1800 007 007 (Monday to Friday 9.30am to 4.30pm) or chat online

 

Related links:

 

Source: © Australian Securities & Investments Commission (ASIC). Reproduced with permission.

 

About ASIC

ASIC is Australia’s corporate, markets and financial services regulator.

 

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